On Wednesday, the Indian rupee displayed a remarkable recovery, gaining 75 paise and closing at 88.06 (provisional) against the U.S. dollar, the strongest intraday gain in nearly four months. The rebound is attributed to expected intervention from the Reserve Bank of India (RBI), a significant rise in domestic equities, and generally better market sentiment regarding India-U.S. trade talks.
Forex market participants reported that the domestic indices rose nearly 0.70%, which in part lifted the rupee. Furthermore, a weaker U.S. dollar and a fall in overnight global crude oil prices helped the recovery. At the interbank foreign exchange market, the rupee opened at 88.74, fell below 88 in the case and topped at 87.93 before finishing in the 88.06 range. This was a meaningful gain from Tuesday’s all-time low finish of 88.81.
At the same time, the dollar index ticked down 0.22% to 98.82, Brent crude futures traded to $62.27 a barrel, and overall domestic exports increased 6.74% to $36.38 billion in September, even in consideration of the widening trade deficit.
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